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Steve McIntosh Report Blog Archive

No increase in Social Security payments

For the second year in a row, no increase in Social Security payments for Americans.
Those increases are tied to inflation, and the cost-of-living index has not risen enough the past two years to trigger any increase in check amounts for more than 58 million retirees and disabled Americans.
Meanwhile, this week in France … young people took to the streets to demonstrate … violently, at times … against a government increase in that nation’s official retirement age from 60 to 62. It appeared to me that those rioters were mostly looking for an excuse to raise hell.
Our Social Security system is really not in such bad shape as many believe. With some adjustment in the taxing cap, some adjustment in benefits, and possibly a bump in the taxing rate, Social Security can be solvent through the Baby Boomer bulge in the pipeline. Also, the government must quit borrowing from the trust fund and pay it back.
Of course, all this may require a little sacrifice … plus a political miracle!
Our thought for today is from G. K. Chesterton:
“The most astonishing thing about miracles is that they happen.”

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10/22/2010 1:22AM
No increase in Social Security payments
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